Shiba Inu, calling itself the “dogecoin killer,” is getting a lot of attention in the crypto world because the price of SHIB is going up again.
Shiba Inu, an altcoin on the Ethereum platform, is once again getting a lot of attention in the cryptocurrency world. This is because the coin’s price is going up today, on November 11. As a result, the Shiba Inu burn rate, which is how many coins are intentionally destroyed, has gone down significantly. This has become noteworthy for crypto fans worldwide.
In recent days, the overall market for the Shiba Inu coin has been showing a positive feeling. This follows efforts from the Shiba crypto community to gather more support for the token.
Shiba Inu Coin Burn Overview
Recent data from Shibburn reveals a significant drop of 62.21% in the Shiba Inu coin’s burn rate in the past 24 hours. In this timeframe, more than 46.14 million SHIB tokens were burned, challenging the burn report from the previous day.
In total, efforts by the Shiba community have led to the burning of over 410 trillion SHIB tokens from the initial supply. This strategic burning is part of the Shiba Inu tokenomics plan, aiming to create scarcity and increase the value of the remaining tokens. By reducing the circulating supply, the burn rate helps counter potential inflationary effects associated with increased token creation or distribution.
Analysis of Shiba Inu Token Price
As of now, the SHIB price has gone up by 8.55% in the last 24 hours, reaching $0.000009052. Looking at the week, there’s been a significant increase of 15.12% in the price, and the overall trading volume has gone up by 23%, reaching 347 million today.
This notable price increase appears to be linked to the recent burning of a massive number of SHIB tokens, leading to a considerable decrease in the available token supply. In the last seven days alone, a whopping 361.81 million tokens were burned.
Additionally, data from ShibariumScan, a tool for checking EVM-based blockchains, shows a noticeable decrease in activity on the Shiba Inu Layer 2 network, Shibarium. The number of blocks created on the network has dropped by 38% at the time of writing. Despite this, the rising SHIB price is drawing attention from crypto enthusiasts in the market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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